Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.

J. P. Morgan

"Sell down to your sleeping point"

Friday, July 11, 2008

Trader Psychology

OMG. I can barely stand. I want to do market research, and am spent.

It's crazy to see most the money you have rolling into trades, and be up 15% in an hour, then to see it start rolling back.

I did not realize the impact that would have on me emotionally.

For weeks I've had Extreme Hubris, hoping to have the "Balls" to put it all on the line, at the right moment.

2 things started flashing in my mind.

1. There is this ridiculous Elliot wave pattern I have in my head. I've wanted for 3 weeks a nice healthy 400 point rally. and then I figured we could sell off, and it has yet to develop.

2. I don't remember what the other was.

I made 6% this week playing noncyclicals and healthcare. And it was easy.

In retrospect, I'm feeling like though it's not glorious, There is easy money to be made in other ways. It's not as exciting, not as profitable, but easier. I made 4% on the srs between yesterday and today.

and here I am trying to catch knives.

Worse, Someone called me after today, and I almost melted down. I almost started talking about my father and bla bla bla. I know I'm exhausted after trading. but shit!!!
I've made more this year than I have in any other year. And I keep pushing it.

Worse is that "I don't get it", Fanny and Freddy are not going out of business, the dollar is not going into hyperinflation. We are not going to crash.....
and these are not famous last words.

and yet I agree with it all, we are going to 10k or even 9k.... but not yet.

or I'm Wrong

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